McEwen (NYSE:MUX) Rating Lowered to Hold at Wall Street Zen

McEwen (NYSE:MUX) (TSE:MUX) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Sunday.

A number of other research analysts also recently issued reports on MUX. HC Wainwright increased their price objective on McEwen from $21.50 to $29.50 and gave the stock a “buy” rating in a report on Wednesday, March 18th. Roth Mkm boosted their target price on McEwen from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, March 18th. Finally, Weiss Ratings raised McEwen from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, March 11th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $29.83.

McEwen Price Performance

Shares of NYSE MUX opened at $19.22 on Friday. The firm has a market cap of $1.14 billion, a PE ratio of 32.57 and a beta of 1.11. The company has a current ratio of 1.69, a quick ratio of 1.27 and a debt-to-equity ratio of 0.23. McEwen has a 1-year low of $6.38 and a 1-year high of $29.70. The company has a fifty day moving average price of $24.54 and a 200 day moving average price of $20.45.

McEwen (NYSE:MUX) (TSE:MUX) last released its quarterly earnings results on Thursday, March 12th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.41. The firm had revenue of $64.60 million for the quarter, compared to the consensus estimate of $72.83 million. McEwen had a return on equity of 6.89% and a net margin of 17.43%. Research analysts predict that McEwen will post -0.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On McEwen

Several hedge funds have recently modified their holdings of the stock. Empowered Funds LLC grew its holdings in shares of McEwen by 4.1% in the 4th quarter. Empowered Funds LLC now owns 259,498 shares of the basic materials company’s stock valued at $4,803,000 after acquiring an additional 10,101 shares in the last quarter. Voloridge Investment Management LLC raised its holdings in McEwen by 228.6% during the fourth quarter. Voloridge Investment Management LLC now owns 701,344 shares of the basic materials company’s stock worth $12,982,000 after acquiring an additional 487,924 shares in the last quarter. Occudo Quantitative Strategies LP boosted its position in McEwen by 307.5% during the fourth quarter. Occudo Quantitative Strategies LP now owns 67,558 shares of the basic materials company’s stock valued at $1,250,000 after purchasing an additional 50,981 shares during the last quarter. Janus Henderson Group PLC acquired a new position in McEwen during the fourth quarter valued at approximately $398,000. Finally, Bridgeway Capital Management LLC grew its stake in McEwen by 2.4% in the fourth quarter. Bridgeway Capital Management LLC now owns 429,498 shares of the basic materials company’s stock valued at $7,950,000 after purchasing an additional 10,101 shares in the last quarter. Institutional investors own 17.03% of the company’s stock.

About McEwen

McEwen Mining Inc (NYSE: MUX) is a Canada-based precious metals company focused on the exploration, development and production of gold, silver and copper. Headquartered in Toronto, the company pursues a diversified portfolio of assets across the Americas, with operations and projects spanning Argentina, Mexico, Canada and the United States. McEwen Mining employs an integrated approach that combines in-house technical expertise with strategic partnerships to advance its assets from resource definition through to commercial production.

The company’s flagship producing asset is the San José mine in Argentina, a high-grade silver-gold operation.